A Individual Investors’ Interest in Sustainable Stocks in Indonesia: The Roles of Education, Social Media, and Investment Knowledge
The Role of Educational Background, Social Media Influence, and Investment Knowledge
DOI:
https://doi.org/10.5555/ijosmas.v6i5.547Keywords:
investor interest, Education, Social Media, Investment Knowledge, Sustainable StocksAbstract
This study examines how educational background, social-media exposure, and investment knowledge shape individual investors’ interest in sustainable (ESG) stocks in Indonesia. Using a qualitative design with a small confirmatory survey, data were gathered through purposive and snowball sampling via semi-structured interviews with retail investors (until saturation) and a short online questionnaire; tools included an interview guide, NVivo (QSR International) for thematic coding, IBM SPSS Statistics for basic descriptives and reliability checks, and Google Forms for survey administration, complemented by a desk review of OJK/BEI documents and ESG index fact sheets (IDX ESG Leaders, SRI-KEHATI). Findings indicate that finance-related education aligns with stronger, steadier ESG interest; social media often initiates interest but can induce bias and FOMO, while credible sources and community support sustain it; greater investment knowledge improves content filtering and risk–return judgment, reducing noise from social platforms; investors still prioritize risk, return, and liquidity, with lingering concerns about liquidity and greenwashing; clear ESG labels in trading apps and transparent issuer reporting increase stated intent to invest. Overall, interest peaks when financial and sustainability literacy intersect with credible ESG information and accessible products, yet traditional risk–return–liquidity anchors decisions. Limitations include non-probability sampling, modest sample size, Indonesia-centric context, self-reported data, and a cross-sectional design. The study contributes actionable guidance for regulators, the exchange, platforms, and educators to blend literacy programs, credibility cues, and affordable ESG offerings, and enriches behavioral and sustainable finance by showing how education, social media, and knowledge jointly shape ESG investment intentions in an emerging market.
Downloads
References
Alhazami, L., & Rahmawati, I. (2025). Self-Efficacy, Literasi Keuangan, Sosial dan Investasi Saham ESG. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(2), 132–138.
Apriliani, A. F., & Murtanto, M. (2023). Pengaruh pengetahuan investasi, literasi keuangan, efikasi keuangan, persepsi risiko dan teknologi media sosial terhadap minat investasi. Jurnal Investasi, 9(3), 133–142.
Ardila, G., & Burrohman, M. (2021). Apakah Pengetahuan Investasi dan Pelatihan Pasar Modal dapat Meningkatkan Minat Investasi Mahasiswa. Jurnal Pendidikan Tambusai, 5(3), 11094–11099.
Azizah, N. S. (2020). Pengaruh literasi keuangan, gaya hidup pada perilaku keuangan pada generasi milenial. Prisma (Platform Riset Mahasiswa Akuntansi), 1(2), 92–101.
Barberis, N. (2018). Psychology-based models of asset prices and trading volume. In B. Douglas, J. B. Taylor, & A. Vissing-Jorgensen (Eds.). Handbook of Behavioral Economics: Applications and Foundations 1, 1(1), 79–175.
Bazeley, P., & Jackson, K. (2013). Qualitative data analysis with NVivo (2nd ed.). SAGE Publications.
Cahyani, Y. (2018). Pengaruh inflasi, suku bunga (BI Rate), produk domestik bruto (PDB) terhadap ROA (Studi pada Bank Pembiayaan Rakyat Syariah (BPRS) di Indonesia Tahun 2009. IQTISHADIA Jurnal Ekonomi & Perbankan, 5(1), 58–83.
Crweswell, J. W., & Poth, C. N. (2018). Qualitative Inquiry and Research Design: Choosing Among Five Approaches. Los Angeles :SAGE Publications Sage CA.
Darmawan, J., & Roba’in, H. (2022). Pengaruh Keberagaman Gender dan Pengungkapan Risiko Terhadap Efisiensi Investasi (The Effect of Gender Diversity and Risk Disclosure on Investment Efficiency). Goodwood Akuntansi Dan Auditing Reviu (GAAR), 1(1), 29–47.
Desmita, & Sihombing, P. (2024). Sustainability, profitability and added value moderated by firm value on stock returns Sri-Kehati Index. Asean International Journal of Business, 3(1), 62–74.
Farhan, M. (2024). Keseimbangan risiko dan imbal hasil dalam strategi investasi berkelanjutan: Pendekatan integratif terhadap faktor lingkungan, sosial, dan tata kelola perusahaan (ESG). Currency (Jurnal Ekonomi Dan Perbankan Syariah), 2(2), 243–264.
Handayani, R., & Zulyanti, N. R. (2018). Pengaruh Earning Per Share (Eps), Debt To Equity Ratio, (Der), Dan Return On Assets (Roa) Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bei. JPIM (Jurnal Penelitian Ilmu Manajemen), 3(1), 615–620.
Hidayat, I., Zulaecha, H. E., & Adibah, N. (2023). Pengaruh Likuiditas, Firm Size, Leverage Dan Profitabilitas Terhadap Cash Holding. Jurnal Ekonomi Dan Manajemen, 3(1), 74–83.
Hidayat, L., Mulyana, M., & Puspitasari, R. (2019). Mengukur Pengetahuan Investasi Para Mahasiswa Untuk Pengembangan Galeri Investasi Perguruan Tinggi. JURNAL ANALISIS SISTEM PENDIDIKAN TINGGI, 3(1), 31–52.
IDX. (2023). IDX Indices Highlight. Idx.Co.Id.
IDX. (2025). Detail Siaran Pers. Www.Idx.Co.Id.
Indonesia Stock Exchange. (2023). IDX ESG Leaders Index factsheet. Www.Idx.Co.Id.
investor.id. (2025). Investasi Berdampak Sosial Makin Diminati Generasi Muda. Investor.Id.
Jayengsari, R., & Ramadhan, N. F. (2021). Pengaruh Pengetahuan Investasi dan Motivasi Terhadap Minat Investasi di Pasar Modal Syariah Pada Mahasiswa Fakultas Ekonomi dan Bisnis Islam Universitas Suryakancana Cianjur. El-Ecosy: Jurnal Ekonomi Dan Keuangan Islam, 1(2), 165–182.
Joint SDG Fund. (2023). Financing the SDGs in Indonesia: Annual update 2023. Jointsdgfund.Org.
Kamil, H. H., & Tanno, A. (2022). Pengaruh Media Sosial Sebagai Sumber Informasi Dalam Pengambilan Keputusan Investor Berinvestasi, Latar Belakang Pendidikan dan Penghasilan Sebagai Variabel Kontrol. Owner: Riset Dan Jurnal Akuntansi, 6(2), 1622–1637.
Kementerian PPN/Bappenas. (2023). Laporan perkembangan pencapaian SDGs Indonesia 2023. Www.Bappenas.Go.Id.
Kharisma, F. N. (2023). Peningkatan Literasi Matematis Siswa Sma Dengan Model Project-Based Learning Menggunakan Pendekatan Stem. Universitas Pendidikan Indonesia.
Khorida, A. R., Suharti, E., & Sulhendri, S. (2025). Apakah Modal Minimum dan Media Sosial Berperan dalam Keputusan Investasi Generasi Z Kota Tangerang. Journal of Accounting and Finance Management, 6(3), 1603–1612.
KSEI. (2024). Statistik Pasar Modal Indonesia. Www.Ksei.Co.Id.
Kurniasih, E. . (2020). Perkembangan Investasi Asing di Negara ASEAN. Prosiding Seminar Akademik Tahunan Ilmu Ekonomi Dan Studi Pembangunan 2020.
Lestari, S. Y. (2020). Pengaruh Pendidikan Pengelolaan Keuangan Di Keluarga, Status Sosial Ekonomi, Locus Of Control Terhadap Literasi Keuangan (Pelajar Sma Subang). Prisma (Platform Riset Mahasiswa Akuntansi), 1(2), 69–78.
Lincoln, Y. S., & Guba, E. G. (1985). Naturalistic inquiry. SAGE Publications.
Miles, M. ., Huberman, A. ., & Saldana, J. (2014). Qualitative Data Analysis, A Methods Sourcebook. USA: Sage Publications.
Mu’afi, M. I., Hapsari, N. R., & Perdana, A. B. (2024). Memberdayakan Generasi Z: Peran Edukasi Pasar Modal dalam Meningkatkan Minat Investasi. Jurnal Administrasi Bisnis, 13(2), 39–48.
OJK. (2022). Laporan Tahunan OJK 2022. Ojk.Go.Id.
Panggabean, E. S. B., Akita, H. N. J., & Yunior, K. (2023). Pengaruh Profitabilitas, Solvabilitas dan Rasio Pasar Terhadap Harga Saham Pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Periode 2018-2021. JPEKA: Jurnal Pendidikan Ekonomi, Manajemen Dan Keuangan, 7(1), 51–65.
Putri, R. A., & Isbanah, Y. (2020). Faktor-faktor yang mempengaruhi keputusan investasi pada investor saham di Surabaya. Jurnal Ilmu Manajemen (JIM), 8(1), 20–29.
Rahayu, E. P., & Arafat, F. (2019). Analisis Rasio Likuiditas Dan Profitabilitas Untuk Mengukur Kinerja Keuangan Asahimas Flat Glass Tbk. Prosiding FRIMA, 3(2), 200–210.
Rahma, N., & Rokhim, R. (2022). Is There any Effect of ESG Performance in the Improvement of Financial Risk in ASEAN-5? International Journal of Quantitative Research and Modeling, 3(2), 61–65.
Rajagukguk, R. J., & Susanti, E. (2024). Peranan Sosial Media dalam Mengedukasi Generasi Muda Mengenai Literasi Keuangan untuk Membangun Kebiasaan Menabung. Ideas: Jurnal Pendidikan, Sosial, Dan Budaya, 10(2), 415–424.
Riyani, N., Sari, D., & Andriani, A. (2025). Analysis of financial literacy levels in generations Baby Boomers, X, Y, and Z small traders. Journal of Economics, Finance and Management Studies, 8(1), 22–31.
Santoso, J. (2020). Pengaruh Profitabilitas, Likuiditas, Dan Tingkat Perputaran Persediaan Pada Nilai Perusahaan Consumer Goods Yang Terdaftar Di Bursa Efek Indonesia Selama Periode 2016 – 2018. Institut Bisnis Dan Informatika Kwik Kian Gie Jakarta.
Santoso, S. (2021). Pengaruh Kebijakan Hutang, Arus Kas Bebas, Likuiditas Dan Pertumbuhan Penjualan Terhadap Kinerja Keuangan (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2019). Ratio: Reviu Akuntansi Kontemporer Indonesia, 2(1), 36–50.
Sihombing, P. (2025). Perilaku keuangan: Teori dan studi kasus dalam pengambilan keputusan finansial. IPB Press.
Sihombing, P., Hutajulu, C. B. B., & Suparyani, A. (2023). Financial performance and capital structure on firm value with commodity prices as a moderating variable. Research of Business and Management, 1(2), 57–66.
Sihombing, P., & Zakchona, E. (2024). Determinants of profitability, liquidity, solvency, and activity ratios on the stock price with dividend payout as moderating variable. Jurnal Ekonomi Dan Bisnis, 27(2), 1–24.
Sugiarto, A., Puspani, N. N., & Fathia, F. (2023). ESG leverage towards stock performance in Indonesia Stock Exchange. International Journal of Energy Economics and Policy, 13(5), 593–606.
Susanto, H., Mandagie, Y. R. T., Endri, E., & Wiwaha, G. (2025). Financial literacy, technological progress, financial attitudes and investment decisions of Gen Z Indonesian investors. Cogent Business & Management, 12(1), 1–12.
Susanto, S., & Siddik, G. (2022). Pengaruh Total Asset Turnover Dan Earning Per Share Terhadap Harga Saham. Jurnal Investasi, 8(4), 21–30.
Sutanto, E. M., & Hendarto, K. (2020). Leader-Member Exchange (LMX), Job Involvement, and Performance. International Journal of Business and Society, 21(1), 693–702.
Taufiqoh, E., Diana, N., & Junaidi. (2019). Pengaruh Norma Subjektif, Motivasi Investasi, Pengetahuan Investasi, Persepsi Return Dan Literasi Keuangan Terhadap Minat Mahasiswa Berinvestasi Saham Di Pasar Modal (Studi Empiris Pada Mahasiswa Akuntansi FEB UNISMA Dan UNIBRAW Di Malang). E-JR, 8(5), 1–9.
Trisnaningsih, T., Sihabudin, S., & Fauji, R. (2022). Pengaruh Influencer Dan Literasi Keuangan Terhadap Minat Investasi Mahasiswa. Journal of Business and Economics Research (JBE), 3(2), 82–89.
Tversky, A., & Kahneman, D. (1991). Loss aversion in riskless choice: A reference-dependent model. The Quarterly Journal of Economics, 106(4), 1039–1061.
Wulandari, P., & Istiqomah, D. (2024). The Effect of Environmental, Social, Governance (ESG) and Capital Structure on Firm Value: The Role of Firm Size as a Moderating Variable. Jurnal Riset Akuntansi Politala, 7(2), 1–13.
Yudha, E. P., & Hapsari, H. (2024). Perencanaan Pembangunan Perdesaan Partisipatif: Studi Kasus Solusi Masalah Kebersihan di Desa Cileles. Abdimas Galuh, 6(2), 2345–2355.
